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Telewest Group
Telewest Group Ltd is a British media company based in Guildford, England. A subsidiary of UBS Corp via its UBS Corp Europe unit, Telewest is Europe's third largest pay television broadcaster by revenue (as of 2018). Initially formed in 1984 as Telewest Communications Company Limited, the company was established to launch the Telewest network, the second-oldest non-terrestrial TV channel in the United Kingdom in 1984. After a series of expansions (most significantly its purchase of Sierra Television), The company went on to became the UK's fourth-largest television broadcasting company and would soon change its name to Telewest Group plc.in 2005. Until 2016, Bain Capital owned a 78.24% controlling stake in Telewest. In November 2015, after a bidding war with various other suitors, UBS announced an offer to acquire Telewest for £13.8 billion. The deal was approved and subsequently closed in March 2016. History 1994-2001 In 1995, Telewest Communications signed a multi-year deal with television production company Sierra Television to distribute programmes it had interest in on other channels (eg. BBC, ITV, and Channel 4), with international distribution by its formats being handled by its Sierra International division. In October 1996, Telewest commissioned branding agency Lambie-Nairn to develop a new, simplified identity across its output, due to the increase in digital services. On the same December of that year, Telewest's online service, telewest.com, was launched. On 26 October 1998, Telewest's secondary channel, TeleWestern, was launched. It was the second British TV channel to broadcast exclusively in a digital format. the second digital-only channel from Telewest was a film channel, Telewest Film Channel (TFC) which was launched on 1 February 2001, and was the first free-to-air film channel in the United Kingdom. 2001-2016 In May 2001, Canadian media company Canwest bought a 52.1% controlling stake in Telewest Communications. In 13 April 2003, Telewest acquired UK Television International, a pay television channel broadcasting content from UK broadcasters across Europe and in some international countries, including that of Telewest's. On 3 June 2003, a children's television channel by the network, TW Kids, was launched. In February 2005, Telewest acquired Sierra Television for £237 million. The acquisition came months before its initial agreement was set to expire. A fourth digital-only channel, Lifestyle, was launched in July 2005. In September 2005, Telewest Communications changed its name to Telewest Group to reflect the corporation's expansion into new ventures. In August 2007, Sierra Television was renamed Telewest Studios, though its Australian and German units continued to use the Sierra brand until 2009. On 1 March 2008, Telewest's television catch-up service, Telewest Play, was launched. On 30 July 2009, Telewest announced that the channel, and its services would be refreshed with a new corporate logo and brand. The new branding came into effect on the Telewest channel on 14 September. The new branding, developed by the branding agency DixonBaxi, was intended to portray Telewest as a more "contemporary" multi-platform broadcaster. In November 2009, It was announced that Canwest would sell its majority stake in Telewest Group, as a result of the latter's financial troubles and eventual bankruptcy and sale of broadcasting assets to Shaw Media (now Corus Entertainment) in February 2010. In January 2010, US-based private investment firm Bain Capital purchased a 78.24% controlling stake in Telewest Group, after takeover bids from Endemol, Scripps Networks, Time Warner and Viacom failed. In June 2015, it was reported that Telewest Group was becoming an "increasingly likely" target for a possible acquisition, which Telewest itself was exploring as part of vast strategic alternatives. The company did not confirm this, however, as a potential sale or acquisition was still only a potential scenario at that point. In its third quarter financial report, Telewest reported a year-over-year loss of £91 million, in comparison to a profit of £133 million in 2015. Telewest also made a £1.013 billion write-down on its broadcasting businesses, resulting in a quarterly loss of £935.9 million, and cut its dividend to 50 pence. In July 2015, Telewest confirmed the rumours of a potential sale, with majority shareholder Bain Capital appointing Deutsche Bank, Standard Chartered and JPMorgan Chase to handle a potential sale of its stake in Telewest. Several bidders had expressed interest in acquiring Telewest, including AT&T, BT, BeIN Media Group, CBS Corporation, Hasbro, Hearst Communications, Lionsgate, News Corp, RTL Group, Vivendi, and a Telefónica/Discovery Communications consortium. On 28 August 2016, Hasbro withdrew its bid the company. RTL Group followed suit on 18 September 2016. It was also noted that RTL's then-proposed bid for Telewest would have resulted in a merger between Telewest Studios and RTL's content production/distribution arm Fremantle, which would have created the UK's largest television production/distribution group. 2016-present: UBS subsidiary On 2 November 2015, following an eventual bidding war with three other suitors, UBS Corp announced that they had agreed to purchase Telewest Group from Bain Capital for £13.8 billion in a stock and cash merger, pending EU approval. On 15 January 2016, EU regulatory approval for the deal was granted, the final hurdle in the acquisition. The deal was approved by Bain Capital and Telewest shareholders on 13 March 2016, and the deal was completed on 19 March 2016; the company was placed under the UBS Corp division, and as a result of the structure of the merger, Telewest Group plc became a private limited company with the legal name Telewest Group Ltd. In June 2016, Telewest announced that it would partner with US-Canadian youth media company Vice Media to launch a British version of Viceland with content from Vice on 6 September 2016. The UK version of Viceland is jointly operated by Telewest Group and Vice Media. On 12 August 2017, it was reported that Telewest came close to selling its Telewest Studios division to ITV plc for £957 million, as an attempt by Telewest to minimise its focus on production, but the deal had fallen through, with Telewest considering ITV's offer to be "fundamentally undervalued". On 18 October 2017, Telewest refreshed their brand again; the first time since the UBS acquisition. the new design, co-developed Telewest's in-house creative unit Telewest Creative and branding agency Superunion, was developed around a concept of providing "context" to Telewest's target audience and programming. On 17 May 2018, it was announced that Telewest had purchased in Canadian television production company and animation studio Portfolio Entertainment. As part of the deal, Portfolio Entertainment became a part of Telewest Studios North America. By August 2018, UBS had transfered Telewest to UBS Corp Europe from the main UBS Group. The unit's digital channels, T2, TFC, and TW Kids, underwent a major rebranding on 2 November 2018, adopting Telewest's corporate logo and identifying themselves as Telewest XD, Telewest Cinema and Telewest Kids, respectively. On 4 March 2019, UBS announced a major restructuring of its broadcasting assets, in which UBS' television properties would be dispersed across the UBS Television Entertainment Group and UBS Television Networks, two new divisions within the UBS umbrella. Ticket and Matinee along with networks such as The U, were placed under UBS Television Entertainment, while Telewest Group was placed in its international division. On 10 May 2019, UBS International Television was merged into a new group, UBS Worldwide Studios, with Telewest Studios. Operations Organization * Telewest Broadcast and Online - umbrella arm for the UK-based TV networks and operational units. ** Telewest News - brand given to news programming across the Telewest network, produced by ITN. ** Telewest Sport - brand given to sports-based programming. ** Telewest Play '''- video-on-demand and catch-up service; launched in 2008. * '''Telewest Studios - UK and international production/distribution arm for Telewest programming. Domestic Channels * Telewest - flagship network; launched in 1984. * Telewest Too - general entertainment channel; launched in 1998. * Telewest Cinema - movie-oriented channel; launched in 2001. * Telewest Kids - children's channel; launched in 2003. * Viceland - a partnership between Telewest and Vice Media; launched in 2016 * Lifestyle -''' lifestyle and documentary channel; launched in 2005 International Channels * 'Telewest UK '- An entertainment subscription channel broadcast in Mainland Europe, Asia, the Middle East, and Latin America. Accquired by Telewest in 2003, while it was then known as '''UK Television International. * Telewest America '''- A US general entertainment channel, co-owned with A&E Networks, showcasing both British, American and minor International television programming. * '''Telewest Australia - An Australian-New Zealand general entertainment channel, co-owned with Foxtel Networks, showcasing British television programming. * Telewest France - '''7 networks featuring entertainment to children's programming: # ''Telewest'' # ''Telewest Kids'' * '''Telewest Chaîne de Films: # TCdF Première # TCdF Action # TCdF Comédie # TCdF Dramé # TCdF Classiqué * Telewest Germany - '''4 networks featuring entertainment programming to films: # ''Telewest 1'' # ''Telewest 2'' # ''Telewest 3 '' # ''Telewest FilmKanal'' * 'Telewest Italy '- 3 networks featuring entertainment programming to films: # ''Telewest Uno'' # ''Telewest Due'' # ''Telewest Canale Cinema'' * 'Telewest Denmark '- 4 networks featuring entertainment programming: # ''Telewest Ultra'' # ''Telewest 1'' # ''Telewest 2'' # ''Telewest 3'' Affiliated entities * '''Telewest Pictures - feature film production/financing arm * 'Telewest Home Entertainment '- home video publishing and distribution arm